Canva acquired Leonardo.ai! – ShiftDelete.Net

Canva acquired Leonardo.ai to further advance artificial intelligence technology. Financial details of the agreement were not disclosed, but this strategic move will contribute greatly to Canva’s future artificial intelligence projects.

What will Leonardo.ai add to Canva?

Cameron Adams, Canva’s co-founder and chief product officer, stated that this acquisition was made with a mix of cash and stock. 120 of Leonardo.ai’s employees, including its executive team, will join Canva. Leonardo.ai will continue to operate as an independent entity, supported by Canva’s resources, and will continue to offer its existing tools and solutions. This acquisition aims to help Leonardo.ai enhance its platform and deepen user growth.

Leonardo.ai was founded in 2022 in Sydney, Australia, and was initially focused on creating video game assets. However, over time, they have expanded their platform to meet scenarios of building and training AI models for rendering in various industries such as fashion, advertising, and architecture.

Leonardo.ai differs from other productive artificial intelligence art platforms with the level of control it provides to its users. For example, Leonardo.ai’s Live Canvas feature allows users to enter a text prompt and then make a quick sketch of what they want the final result to look like.

Leonardo.ai’s existing tools and solutions offer collaboration tools and private cloud services for video producers. The company has more than 19 million registered users and more than a billion images have been created with its tools. Leonardo.ai also provides API access, allowing customers to build their own technology infrastructure on Leonardo.ai’s platform.

Canva’s acquisition of Leonardo.ai will be a major addition to the company’s Magic Studio generative AI suite. Cameron Adams stated that they plan to integrate this technology into Magic Studio. This could include making existing Magic Studio tools more powerful or introducing new generative AI capabilities powered by Leonardo’s models directly in Canva.

Canva has been investing in generative AI tools since December 2022 and has accelerated its development efforts through both internal projects and acquisitions in the process. This move by Canva is one of the important steps it took in the field of AI after its acquisition of Kaleido in 2021. Kaleido formed the basis of Canva’s more recent generative AI efforts.

Leonardo.ai is Canva’s second acquisition this year and its eighth acquisition overall. Canva had previously acquired companies such as Affinity, Zeetings, Pixabay, Pexels and Smartmockups. Founded in 2012, Canva is valued at $26 billion and has more than 180 million monthly users worldwide. Cameron Adams stated that this acquisition will further strengthen Canva’s AI-driven workflow and offer new opportunities to its users.